WASHINGTON, DC-PRC has announced that former Jones Lang LaSalle staffer Stephanie Lynch has joined its investment bank group. She has been tasked with expanding PRC’s capabilities in structuring and arranging equity and debt capitalization.
“We have also been active in the programmatic space, raising equity for core plus, value add and some development,” Lynch tells GlobeSt.com. “That is an area we think more money will flow.”
As one example, PRC arranged a $200 million joint venture equity commitment on behalf of a local developer to acquire assets across the spectrum of risk from core plus to value add to opportunistic. The venture has closed on four transactions in the mid-Atlantic region, and will be identifying and closing an additional eight to ten transactions over the next 24 months. “We think that is an unusual niche right now and there are not a lot of competitors in the programmatic space,” Lynch says. “We have been successful in a handful of one-off transactions so far.”
Currently, PRC is in the market with over $750 million of active transactions for joint-venture equity, construction and permanent debt. The company has an eye on another hire, albeit in the analytical space, principal Lindsay Stroud tells GlobeSt.com.
PRC is not the only company in the area to beef up its capital markets bench. HFF recently announced that senior managing director Jim Meisel has been named head of the local Washington, D.C. investment sales teams and will assume the role of office co-head along with senior managing director Susan Carras, who oversees the debt and structured finance teams.
And finally, the Washington Business Journal reports that Jones Lang LaSalle has recruited CBRE Group investment sales broker Bill Prutting. We will be following up with JLL for more on what this move means.